Rise Gold (RISE.C) is still drilling on its Idaho-Maryland gold project in California, where it continues to get a better understanding of the mineralization at this past-producing gold mine.
Hole 13A got the most attention as the drill bit intersected the Idaho#1 vein at a downhole depth of just over 1,000 meters where it encountered 4.27 meters at 90.4 g/t gold (which indeed is almost 3 ounces of gold per tonne of rock). The majority of the gold was situated in a narrower 81 centimeter interval which included the presence of visible gold. Not surprising when those 81 centimeters assayed 458 g/t gold.
4.27 meters at 90.4 g/t make for a great headline, but if we would remove the 81 centimeters from the wider interval, the remaining 3.46 meters would contain approximately 4.34 g/t gold. Less impressive, but definitely acceptable as a residual value around the ultra high-grade interval.
Rise also reported the assay results of hole 11 which discovered a new vein (2.88 meters of 8.5 g/t) and also intersected the 52 Vein area at a depth of around 1,000 meter downhole. Additionally, this hole was drilled deep enough to also encounter the same Idaho#1 vein that returned the ultra-high grade interval in hole 13A, but the 2.47 meters containing 3.6 g/t gold in the zone where hole 11 intersected the Idaho#1 vein is obviously a bit less impressive.
Rise Gold closed a C$1.83M financing in the first week of March but as the company already had a working capital deficit of almost C$700,000 in January, Rise will very likely have to tap the equity markets again in the current quarter.